Bitcoin (XBT) bounce soon (Wave B)? Elliot Wave based analysis
I assume we have 1 more wave down to complete Wave 5 (7000-7200$).
This is because the proposed Wave 4 did not violate Wave 1 (7944$) (which is typical for wave 4).
If XBT completes Wave 5 (7000-7200$) expect an ABC correction to set in Wave B (8040-8360$).
After Wave B (8040-8360$) expect the next leg down to complete Wave C (5230-6140$).
After completing Wave C the correction from this entire uptrend since the bottom (at 3122$) has been completed.
This count will be invalidated as soon as XBT breaks Wave 1 low (7944$).
This is because the proposed Wave 4 did not violate Wave 1 (7944$) (which is typical for wave 4).
If XBT completes Wave 5 (7000-7200$) expect an ABC correction to set in Wave B (8040-8360$).
After Wave B (8040-8360$) expect the next leg down to complete Wave C (5230-6140$).
After completing Wave C the correction from this entire uptrend since the bottom (at 3122$) has been completed.
This count will be invalidated as soon as XBT breaks Wave 1 low (7944$).